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New Social Security bombshell: Benefits may be cut sooner than expected
To give you some context, the average person receives approximately $2,000 in benefits every month. So, a 23% cut would reduce your income by $460 per month, or $5,520 per year. In 10 years, that adds up to $55,200 in lost income. Over 20 years, it’s $110,400.
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Up to 85 percent of Social Security benefits can be taxed—but a new deduction will reduce how much seniors need to pay.
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Social Security is now projected to run out of money one year earlier than expected. Unfortunately, this isn't the only ...
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